Post a new topic
    2 Replies Latest reply on Apr 24, 2009 5:59 PM by cleveroptions

    International Pension Transfers from UK to US

    angiemoo Newbie
      I have several pension schemes in the UK that I would like to transfer in to either a 401k set up through my company or an IRA. Is this possible to do? Bank of America don't offer this service. Am looking for another Bank to set this up for me.
        • Re: International Pension Transfers from UK to US
          Lighthouse24 Ranger

          I pulled the following from guidelines published by the trading firm Kestrel International in 2006:

          The U.S. IRS will only allow foreign pension plans to be transferred to the U.S. that have been approved by the IRS and meet the requirements of the IRS code. To date, no U.K. pension plans that are based on U.K. pension legislation have ever been approved by the IRS. Generally the terms of a U.K. pension are more generous than a U.S. pension plan.

          I'm not aware of any more recent updates.
            • Re: International Pension Transfers from UK to US
              cleveroptions Newbie
              agreed! I would certainly Look further before resorting to that option, As a professional i deal with international pensions transfers like SIPPS, SSAS, FURBS , we provide a very market exclusive product for HNW clients.
              Crafted by the UK's leading Pensions and Tax experts made up of ex directors of HMRC.
              Now regarded as a leading edge, legally compliant and highly tax efficient range of schemes, members enjoy maximum protection of existing pension funds and all other assets, for life and, after death, their beneficiaries continue to benefit in full.
              Membership provides a real tax efficient alternative to ASPs and Annuities. Above all, it is a scheme/ Family Trust that provides the ultimate IHT wrap for intrinsic assets to protect any beneficiaries from the burden of taxation.